Toronto House Prices – Rise or Fall in 2018?

Condos in Toronto on the other hand are home buyer’s soup du jour for 2018, 2019, and 2020 because of new mortagage rules and limited availability. Constructions starts are down due to rent controls and buyer worries over government behanviour.

Both provincial governments took credit for the sales and price drops, but the truth is, is that buyer psychology caused the market to moderate in sales only. Whether buying or renting, prices are high and it’s still a seller’s market.

The Toronto real estate market hasn’t lost much in the way of price even though sales have dropped. The worrisome aspect of this sudden roller coaster ride of prices is the effect on the Canadian economy which is highly rated, but somewhat insecure.

In Toronto and Vancouver, the downpayment for a home/condo alone, is enough to buy a property outright in most other places across Canada. Rising private debt, stagnant wages, and low interest rates could be enough to form a bubble and lead to a crash. But most experts feel the Vancouver and Toronto real estate markets will be just fine.

Why these politicians are so adamant in their opposition to housing growth isn’t known. As the NDP government comes into power in BC, prices in Vancouver have begun to advance. As long as housing is in short supply, the price pressure will always be upward. That’s a good cue for all real estate investors.

According to TREB, the MLS® Home Price Index Composite benchmark price rose 9.7% YoY, in October. The average selling price for all home types was $780,104 – up by 2.3% compared to the average of $762,691 in October 2016.

Graphic courtesy of TREBhome.com

House Prices in Toronto’s MLS Districts in 2017

Average Prices and Price Growth – Detached Homes TREB

City

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2016

Price Change Last 17 months

Price Change Last 6 Months

Burlington

$895,457

$974,446

$944,564

$921,434

$1,071,980

$1,083,144

$961,502

-7%

-17%

Halton Hills

$787,517

$706,500

$984,812

$819,770

$789,094

$825,058

$828,719

-5%

-5%

Milton

$884,144

$853,790

$866,650

$875,123

$965,488

$932,899

$765,973

15%

-5%

Oakville

$1,482,620

$1,393,860

$1,314,363

$1,368,523

$1,312,370

$1,561,514

$1,191,503

24%

-5%

Brampton

$775,170

$766,132

$766,831

$750,856

$801,246

$871,052

$660,015

17%

-11%

Caledon

$952,466

$918,712

$1,028,591

$1,083,138

$1,102,645

$1,190,527

$755,494

26%

-20%

Mississauga

$1,034,338

$1,023,207

$1,066,015

$1,113,952

$1,067,449

$1,136,083

$966,467

7%

-9%

Toronto West

$1,102,379

$1,015,711

$919,916

$1,131,637

$1,118,602

$1,142,292

$944,422

17%

-3%

Toronto Central

$2,051,481

$2,302,146

$2,113,130

$2,080,982

$2,199,630

$2,488,673

$1,983,187

3%

-18%

Toronto East

$931,239

$961,805

$887,620

$949,712

$956,883

$991,509

$860,814

8%

-6%

Aurora

$1,280,888

$1,458,481

$1,144,094

$1,201,830

$1,225,236

$1,360,696

$1,155,487

11%

-6%

E Gwillimbury

$1,013,350

$895,119

$966,047

$867,833

$1,074,667

$973,263

$764,055

33%

4%

Georgina

$524,735

$600,791

$604,838

$548,543

$652,508

$766,273

$548,886

-4%

-32%

King

$1,887,696

$2,252,933

$1,768,333

$1,529,767

$1,455,423

$1,756,387

$1,283,432

47%

7%

Markham

$1,468,221

$1,358,328

$1,319,860

$1,477,487

$1,423,179

$1,580,570

$1,363,887

8%

-7%

Newmarket

$916,350

$895,191

$901,055

$901,720

$919,855

$990,592

$841,593

9%

-7%

Richmond Hill

$1,345,898

$1,401,922

$1,466,884

$1,439,065

$1,675,661

$1,584,327

$1,412,443

-5%

-15%

Vaughan

$1,280,906

$1,392,781

$1,348,649

$1,273,340

$1,333,412

$1,479,774

$1,191,632

7%

-13%

Whitchurch Stouffville

$928,551

$1,159,545

$1,024,941

$1,096,864

$1,255,011

$1,343,913

$1,048,658

-11%

-31%

Ajax

$684,011

$696,604

$708,185

$679,180

$752,997

$814,521

$646,370

6%

-16%

Brock

$432,318

$513,579

$508,615

$734,896

$706,307

$531,986

$419,758

3%

-19%

Oshawa

$516,459

$516,904

$550,677

$508,039

$530,780

$570,536

$467,981

10%

-9%

Pickering

$790,733

$869,546

$812,643

$810,351

$897,685

$668,723

$772,399

2%

18%

Scugog

$614,678

$594,062

$719,375

$673,489

$675,887

$673,314

$545,804

13%

-9%

Uxbridge

$1,031,295

$957,221

$792,233

$793,853

$896,281

$931,841

$798,749

29%

11%

Whitby

$695,352

$745,222

$733,811

$765,260

$815,993

$804,322

$618,032

13%

-14%

Orangeville

$538,518

$594,636

$612,974

$566,438

$585,717

$591,279

$490,825

10%

-9%

Innisfil

$525,685

$541,274

$549,492

$593,208

$575,940

$762,901

$476,756

10%

-31%

Stats above courtesy of TREB Market Watch Report

Toronto House Prices — MLS City Districts Home Price Comparison

TREB District City of Toronto

Avg Price October

Avg Price Sept

Avg Price August

Average Price April 2016

Avg Price April 2017

Avg Price Mar 2017

Avg Price Feb 2017

Price Change Since Feb 2017

Toronto W01

$1,709,593

$1,652,600

$1,146,500

$1,405,442

$1,506,333

$1,543,961

$1,496,501

14.2%

Toronto W02

$1,273,391

$1,280,867

$1,172,250

$1,331,780

$1,538,546

$1,381,945

$1,269,501

0.3%

Toronto W03

$741,391

$771,142

$692,125

$666,904

$854,316

$829,396

$819,572

-9.5%

Toronto W04

$840,110

$850,621

$846,775

$786,951

$1,024,908

$1,073,531

$1,049,570

-20.0%

Toronto W05

$874,660

$805,031

$823,767

$749,333

$930,876

$1,073,531

$889,235

-1.6%

Toronto W06

$922,286

$992,023

$797,392

$795,840

$974,420

$1,128,584

$966,571

-4.6%

Toronto W07

$1,474,725

$1,277,336

$973,250

$1,112,233

$1,484,406

$1,352,042

$1,437,219

2.6%

Toronto W08

$1,356,671

$1,247,374

$1,161,882

$1,204,013

$1,544,869

$1,610,163

$1,491,329

-9.0%

Toronto W09

$975,778

$922,000

$1,139,211

$839,479

$1,197,627

$1,115,970

$1,019,588

-4.3%

Toronto W10

$688,011

$661,357

$665,268

$613,488

$831,579

$802,909

$758,259

-9.3%

Toronto C01

$1,393,875

$1,430,667

$1,005,000

$1,528,085

$1,646,240

$1,694,333

$2,352,876

-40.8%

Toronto C02

$2,313,611

$2,242,400

$2,242,750

$1,580,181

$2,710,038

$2,170,853

$2,443,750

-5.3%

Toronto C03

$1,880,584

$1,742,200

$1,317,111

$1,761,787

$2,246,734

$2,473,608

$2,747,397

-31.6%

Toronto C04

$2,220,546

$2,212,838

$2,200,398

$2,033,140

$2,583,667

$2,245,813

$2,469,565

-10.1%

Toronto C06

$1,243,727

$1,327,467

$1,445,556

$1,318,750

$1,625,779

$1,811,183

$1,516,558

-18.0%

Toronto C07

$1,741,987

$1,903,632

$1,776,771

$1,657,822

$2,004,585

$2,155,365

$1,922,347

-9.4%

Toronto C08

$814,000

$1,700,000

$1,603,333

$2,100,833

$1,625,000

$1,999,000

-59.3%

Toronto C09

$3,414,450

$2,916,750

$3,500,000

$2,998,401

$3,246,445

$4,481,000

$4,160,891

-17.9%

Toronto C10

$1,807,154

$1,747,079

$1,473,125

$1,864,333

$1,945,104

$1,786,091

$2,146,833

-15.8%

Toronto C11

$1,895,636

$2,137,000

$1,547,000

$1,542,867

$2,275,117

$2,201,462

$2,162,613

-12.3%

Toronto C12

$3,775,636

$5,160,518

$3,910,000

$3,141,244

$3,969,281

$4,420,370

$3,986,692

-5.3%

Toronto C13

$1,520,151

$2,110,709

$1,788,465

$1,926,266

$2,606,111

$2,108,137

$2,204,960

-31.1%

Toronto C14

$2,001,750

$2,249,879

$3,055,823

$1,996,137

$2,554,047

$2,673,112

$2,746,606

-27.1%

Toronto C15

$1,944,667

$1,832,921

$1,602,033

$1,766,219

$2,144,120

$2,108,137

$2,145,518

-9.4%

Toronto E01

$1,135,156

$1,196,542

$1,224,440

$1,164,343

$1,747,894

$1,206,359

$1,221,833

-7.1%

Toronto E02

$1,494,639

$1,625,074

$1,414,357

$1,333,475

$1,458,167

$1,507,090

$1,622,159

-7.9%

Toronto E03

$1,023,487

$1,038,377

$956,448

$947,611

$1,099,537

$1,121,847

$1,134,094

-9.8%

Toronto E04

$768,002

$794,523

$772,883

$717,890

$897,304

$889,018

$928,362

-17.3%

Toronto E05

$1,019,362

$979,800

$995,190

$991,136

$1,249,824

$1,303,892

$1,262,751

-19.3%

Toronto E06

$766,159

$926,615

$841,995

$766,782

$1,051,918

$1,102,286

$940,073

-18.5%

Toronto E07

$897,653

$1,025,444

$922,600

$874,280

$1,164,819

$1,142,611

$1,111,507

-19.2%

Toronto E08

$1,014,526

$852,070

$872,641

$810,560

$1,066,868

$1,092,667

$1,025,958

-1.1%

Toronto E09

$739,871

$690,382

$699,646

$664,378

$855,363

$895,417

$855,064

-13.5%

Toronto E10

$897,856

$944,666

$883,852

$821,126

$1,067,925

$1,069,906

$981,789

-8.5%

Toronto E11

$758,288

$778,100

$780,618

$720,672

$842,414

$851,750

$761,409

-0.4%

If you examine the latest house price trends in the GTA, you’ll see moderation, yet not all TREB districts saw reductions. In some areas, they’re still climbing almost in defiance of any market meddling.

For sellers, the agonizing questions of whether they should sell now, is being solved. They held on to get the highest price and are eager now to unload their property. Some got too greedy and are accepting up to $300k less than last spring’s offers. Timing is everything in real estate.

A lack of housing supply will keep prices up for many years ahead. The Ontario governmet is more concerned with rising rents than it is in encouraging new construction. Rent contorls are already drying up up the availability of rental properties.

Currently, the condo market is thriving, however once the new construction condos have been sold and occupied, prices overall will climb.

Home Price Index for Toronto vs rest of Canada courtesy of Terranet National Bank housing index.

That Old House means so much more to buyers. They have the vision, the dream and they’re willing part with $1.5 million to live the dream. If you’ve got a home to sell right now, you need to hire a Realtor and capitalize on this glorious market opportunity.

The Mindset of Homeowners Who Need to Move on

Realtors need to be more psychologically aware and effective by adopting the mindset and vocabulary of the very people who move on. What words, phrases, images and activities do optimistic home sellers use? Retirees and 45+ people have priorities. Find them and speak their dreams.

And if you’re thinking of selling your Toronto home you need to use that vocabulary too. There is an incredible array of lifestyle opportunities for you. The world has never offered so much for the International home buyer. No homes in Ontario? No problem, beautiful places such as Costa Rica, Belize, Nicaragua, Mexico, Chile, and Dominican Republic await.

Why do people settle for a lesser life than they can have?

When Will Toronto’s Market Crash?

There may not be a crash, but no one is saying that for sure.

The Toronto Housing crisis is one partly of homeowners never dreaming that they get this kind of ROI out of the old house they bought. None of us were trained or educated for this opportunity. The result is too many older people hanging onto their homes, more out of being confused and unprepared to progress with their lives.

If you have a good Toronto Realtor, you really can sell your home at above expectations. Above asking is easy. Don’t even mention above asking, since everyone is using the lowball strategy to create bidding wars. Houses are selling for outrageous prices because Realtors are smart about building big demand from the right people.

Best Return Ever in Toronto

Even with foreign buyers out of the picture, demand for housing is huge in Toronto. From Mississauga, to Newmarket to Vaughan and Oshawa, people crave homes. And single detached homes with yards are the holy grail. So rare, so pleasant and rewarding some will sell their soul to the devil to be a homeowner. You don’t have to sell the joy of ownership theme to them.

So what are you doing right now to move forward and capitalize on the “Best Investment Return ever?” It’s not too late. I hope you’re contacting a good Realtor right now and beginning the selling preparation process.

Don’t sell your house in 3 days. Take your time and sell it for $75,000 more. It’s your hard earned investment and you deserve the best. Always think highly of yourself. Your Realtor will have lots of ideas about how to make the buyers very happy and contented. The improvements on your home for instance will add value and carry them forward.

I’ve written a variety of posts on selling your house, how now is the time to sell your house, and about retiring pleasantly in Central America. Time to travel, time to really enjoy life away from the city, and your time to celebrate your life. Sell that home!